Pharaoh Exchange
PHARA ve(3,3) concentrated liquidity DEX on Avalanche
Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.36% | 0.00% | 2.26% | 82.20% | 56.85% | -- |
Revenue & Burn
Protocol income
$21.24KBuyback funds
$1.87MBurn funds
--Buyback ratio
8824.8%Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $21.24K | $1.87M | -- | 8824.8% |
| Sep 2026 | $1.16M | $2.41M | -- | 207.5% |
| Aug 2026 | $481.83K | $1.07M | -- | 222.4% |
| Jul 2026 | $128.65K | $614.58K | -- | 477.7% |
| Jun 2026 | $172.63K | $616.7K | -- | 357.2% |
| May 2026 | -$70.56K | $466.79K | -- | -- |
Comparison
Top Holders
| Address | Token | Quantity | Percentage | Value |
|---|---|---|---|---|
| 0xaaae...ce6f |   PHAR | 114,778.22 | 76.91% | $2.62M |
| 0x2e04...66a1 | PHAR | 7,852.46 | 5.26% | $179.66K |
| 0xaaa3...a65e | PHAR | 6,852.63 | 4.59% | $156.78K |
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About Pharaoh Exchange
Pharaoh Exchange is a ve(3,3) decentralised exchange deployed on Avalanche's C-Chain, porting the Velodrome and Aerodrome model into the Avalanche ecosystem. The governance token PHAR can be locked for up to two years into non-transferable vePHAR, with longer lockups earning more voting weight. Each week vePHAR holders vote on emission weights across liquidity pools and receive both the trading fees of the pools they backed and the bribes posted by projects.
Pool types are separated into stable pools, volatile pools and concentrated liquidity pools (CLMM), the last letting providers market-make within a chosen price range for better capital efficiency, while any address can permissionlessly create a pair and its associated gauge. The bribe mechanism turns liquidity into a priced service: projects bid tokens or stablecoins for emission direction, voters capture the bid, and liquidity providers earn PHAR emissions plus fees, with all three settled inside the same weekly cycle. The protocol also applies protective parameters against flash arbitrage and reward-farming behaviour in order to retain longer-term market-making capital.
Revenue & holder yield: On Oct 1, DefiLlama data showed Pharaoh Exchange posting ~$2.866 billion in 30-day volume and ~$2.48 million in fees, both all-time highs; 100% of protocol revenue flows to xPHAR holders, with a revenue-to-market-cap ratio of 792%.
Milestones: The V2-to-V3 migration closes on Oct 31; an Oct 17 snapshot put Pharaoh at 74.9% of Avalanche DEX volume (81% in September), with TVL around $50 million.
DefiLlama data on October 1, 2026 showed Pharaoh with about $2.866 billion in 30-day volume and roughly $2.48 million in fees, both all-time highs. Cumulative volume has passed $34 billion, lifetime fees exceed $32 million, and TVL sits between $47 million and $53 million.
Mechanically, 100% of token emissions are allocated by governance vote and fee revenue flows directly to holders of the xPHAR governance token; by late September 2026 the revenue-to-market-cap ratio stood at 792%. V3 is live and the V2 migration is in its final phase.
Pharaoh Exchange's Future strategy and roadmap: V2 closes on October 31, 2026, consolidating liquidity on V3, where pool revenue is split between the treasury and xPHAR voters. The team keeps leaning on concentrated liquidity to capture large Avalanche flows while leaving emissions pricing to governance.
Pharaoh Exchange sets three fee tiers of 0.05%, 0.30% and 1% on its concentrated liquidity pools, with per-pool customization of fee logic.
Pharaoh Exchange uses dynamic fees, with each pool's rate adjustable within a 0 to 500 bps range (0 to 5%) and updated every 30 seconds based on volatility and volume.